美国白宫宣布从4日起将进口自除英国外所有贸易伙伴的钢铝产品关税从25%上调至50%。对此，加拿 大总理卡尼称美国此举"不合理且非法"，不利于美加两国的工业。卡尼表示，加拿大正在与美国进行谈 判，如果谈判失败，加拿大将准备采取报复措施。 ...

欧洲央行于北京时间6月5日晚间公布利率决议，下调三大关键利率25个基点。 多家机构认为， 随着欧元区通胀率回落至2%目标下方且经济复苏乏力，本次降息符合预期。 欧元区 5 月调和 CPI 同比增速降至 1.9% ，为 2024 年 9 月以来首次低于央行 2% 的目标。核心通胀率连 续五个月下行回落至 2.3% ，创 2022 年 1 月以来新低。 欧央行在2024年6月开始第一次降息，当前已经将存款便利利率从4%降至2%。 此前，高盛、摩根大通、摩根士丹利、野村和 Berenberg 等机构均表示，欧央行此次会将存 款利率下调 25 个基点至 2% 。 // 欧央行可能加大货币宽松力度 // 欧洲央行管委Simkus此前表示，对于欧洲央行的利率，没有一个核心设想。欧洲央行6月降息是必要 的，6月之后有可能再次降息。不清楚6月后的降息是在7月还是9月。 高盛预计，欧洲央行将在9月再降息25个基点，使2025年最终利率降至1.5%。 桑坦德银行的 Antonio Villarroya同样 认为，欧洲央行可能会在 9 月再次降息 25 个基点， 如果"对等关税"暂缓期结束后，美国启动加征额外关税，欧洲央行可能会加 ...

周三现货黄金市场再次走V型反转走势，因国际经济环境的不稳定，特朗普政府新关税政策的冲击以及美国服务业意外萎缩，就业数据的低迷，使得市场投 资者纷纷涌入避险市场，现货黄金市场昨日触底反弹，最低至3343.86美元/盎司，最高至3384.71美元/盎司，最终收盘于3372.60美元/盎司。 现货白银市场 若市场价格跌破34.170美元/盎司的支撑位，可择机建立空单头寸，并将下方目标价位设定为33.700-33.300美元/盎司。 现货黄金市场 小时图目前处于高位震荡阶段，短线15分钟图处于震荡阶段，震荡区间3369.00-3385.00，操作上可在这个区间高抛低吸。 若后市市场下破3369.00点位则可介入空单，下方目标可看向3359.00-3349.00美元/盎司。 若后市市场上破3385.00点位则可介入多单，上方目标可看向3395.00-3405.00。（止损为5.00美元/盎司空间） 小时图目前处于震荡阶段，短线15分钟图周期处于震荡阶段，震荡区间34.170-34.570，操作上可在这个区间内高抛低吸。 对于后市热点，需要继续关注贸易关税情况，同时要密切关注地缘政治的发展情况以及美联储未来货币政策的动向 ...

Global Trade and Tariff Policy - The US has raised tariffs on imported steel and aluminum from 25% to 50%, causing concerns over global supply chain disruptions. The EU has threatened to implement countermeasures by July 14 if no agreement is reached, escalating trade tensions between the US and EU [3] - The Midwest aluminum premium surged by 54%, and steel futures rose over 8%, increasing cost pressures on downstream industries such as automotive and appliances [3] - Brazil and India have indicated they will take reciprocal measures or resort to the WTO if negotiations fail [3] US-China Trade Negotiations - The Trump administration has requested countries to submit their best trade proposals by June 4, or face the reinstatement of tariffs. China has responded by stating it will maintain communication based on the consensus from Geneva talks, with a potential extension of short-term tariff exemptions until the end of August [4] Federal Reserve and Interest Rate Policy - Federal Reserve officials have expressed caution regarding rapid interest rate cuts, emphasizing the need for more evidence of declining inflation. Current rates are seen as providing a solid foundation for economic conditions [5] - US factory orders fell by 3.7% month-on-month in April, marking the largest decline since January 2024, while job vacancies increased to 7.39 million, indicating a mixed picture of labor market resilience and cooling [6] - The market anticipates a 98% probability that the Federal Reserve will maintain interest rates in June, with the first rate cut potentially delayed until after July [7] Commodity Market - Oil prices have risen to a two-week high, with Brent crude increasing by 1.5% to $65.63 per barrel and US crude rising by 1.4% to $63.41 per barrel, influenced by ongoing Russia-Ukraine conflict and deadlock in the US-Iran nuclear deal [7] - Gold prices have faced downward pressure due to a strengthening dollar, with spot gold dropping nearly 1% to $3352.30 per ounce, while platinum and palladium prices rose by 0.9% and 2.1% respectively due to industrial demand [8] Stock Market Performance - US tech stocks led the market, with Nvidia rising nearly 3% to reclaim the title of the world's most valuable company, and Broadcom delivering record switch chip deliveries, contributing to the Nasdaq's first year-to-date gain [9] - In China, the Shanghai Composite Index rose by 0.43%, with the Shenzhen and ChiNext indices increasing by 0.16% and 0.48% respectively, supported by active trading in sectors such as innovative pharmaceuticals and robotics [10] Policy and Industry Highlights - A joint initiative by five departments has launched a campaign to promote the adoption of 124 models of new energy vehicles in rural areas, aiming to enhance charging infrastructure and vehicle-network interaction technology [11] - A collaboration between Yaoshi Bang and Yujian Technology is set to advance the development of pharmaceutical collaborative robots, with the medical robot market projected to exceed $373 million by 2028 [12]

"这意味着，再也没有人能偷走你们的产业了。现在是25%，他们还勉强能翻过这道墙；但提高到 50%，他们就翻不过去了。" 他随后在社交媒体上宣布，铝的关税也将上调至同样的水平。 特朗普政府目前正就大部分关税政策与法院进行法律抗争，这些关税是依据《国际紧急经济权力法》 （IEEPA）实施的。但钢铁和铝的关税并不属于这部分争议，因为钢铝关税是依据另一项授权征收的， 因此不受影响。 白宫新闻秘书卡罗琳·莱维特（Karoline Leavitt）宣布，美国总统特朗普周二签署一项指令，正式将钢铁 和铝的关税从25%提高到50%，将从美东时间6月4日00:01生效。央视新闻报道，莱维特同日证实，白宫 确实写信"催"贸易谈判伙伴"交谈判方案"。 特朗普正式签令，钢铝关税升至50% 5月31日据央视报道，当地时间5月30日，美国总统特朗普表示，将把进口钢铁的关税从25%提高至 50%。当时他表示，这一更高的关税将于6月4日生效。 媒体报道，白宫新闻秘书莱维特周二证实，特朗普将于当日签署这项行政令。白宫表示，新的关税将从 美东时间6月4日00:01生效。 媒体称，特朗普单方面加征关税的权力在法律上的依据正在变得越来越脆弱。此前， ...

Core Viewpoint - The White House announced that President Trump will sign an executive order to double tariffs on steel and aluminum imports, with a 50% tariff set to take effect tomorrow [1] Group 1: Tariff Changes - The executive order will increase tariffs on steel and aluminum imports to 50% [1] - The new tariffs are expected to impact global trade dynamics significantly [1]

Group 1 - The A-share market experienced a range-bound fluctuation near the 20-day moving average, with a decline in average daily trading volume to 1.14 trillion yuan [1] - Market performance was characterized by a hierarchy: consumption > growth > finance > cyclical [1] - Economic indicators such as the May PMI showed signs of recovery, but the overall economic situation remains weak due to trade friction uncertainties [1] Group 2 - Short-term risk appetite is limited, but declining interest rates favor safe-haven assets like gold and new consumption sectors with inherent growth support [2] - The long-term trade landscape has been disrupted by tariff impacts, benefiting safe-haven assets despite short-term fluctuations in gold prices [2] - The technology growth sector, particularly in AI, robotics, innovative pharmaceuticals, and military industries, may see renewed performance as earnings reports are released [2]

Core Viewpoint - The retail sector is experiencing a significant pullback due to slower consumer and business spending, influenced by recent trade tariffs that have raised concerns among companies reliant on imports [1][2]. Company Analysis: Nike Inc. - Nike Inc. (NYSE: NKE) is highlighted as a potential investment opportunity amidst the current market volatility, with its stock price showing resilience despite the broader market downturn [2][3]. - The stock has outperformed the S&P 500 index by approximately 5% since the recent sell-off, indicating a potential for recovery [4][5]. - Currently, Nike's stock is at 63% of its 52-week high, categorizing it in a bear market, but it had already been in decline prior to the tariff announcements, suggesting it may recover more quickly once uncertainty subsides [6][7]. - Notably, billionaire investor Bill Ackman recently sold his position in Nike but simultaneously invested in Amazon, which coincides with Nike's new collaboration with Amazon to streamline operations and reduce costs [8][9]. Financial Outlook - Nike's strategic move to become a direct vendor on Amazon is expected to enhance financial performance by improving margins and controlling the consumer experience [9][10]. - Analysts project an increase in earnings per share (EPS) to $0.60 for Q4 2025, representing a growth rate of up to 11% compared to the most recent EPS of $0.54 [11][12]. - Nike's price-to-earnings (P/E) ratio stands at 18.9, higher than the retail sector average of 15.2, reflecting investor confidence in its ability to outperform peers [12][13].

Core Viewpoint - The article discusses investment opportunities in high-quality stocks amidst market volatility caused by trade tariffs, highlighting companies that may provide stability and potential upside for investors. Group 1: Investment Opportunities - Investors are encouraged to consider high-quality companies before market uncertainty dissipates, as these stocks offer favorable risk-to-reward ratios for bullish buyers [2][3] - A suggested watchlist titled "Post Tariff Gains" includes stocks like Old Dominion Freight Line, Chipotle Mexican Grill, and PepsiCo, which are expected to perform well as market conditions stabilize [3] Group 2: Old Dominion Freight Line - Old Dominion Freight Line's stock is currently priced at $162.01 with a P/E ratio of 29.56 and a price target of $182.26, indicating potential for growth [4] - Analysts forecast earnings per share (EPS) of $1.39 for Q3 2025, a 17% increase from the current EPS of $1.19, suggesting strong future performance [7] - Institutional investors have increased their holdings in Old Dominion by 50.4%, reflecting confidence in the stock's potential amidst tariff-related uncertainties [8] Group 3: Chipotle Mexican Grill - Chipotle's stock is priced at $49.72 with a P/E ratio of 44.79 and a price target of $61.60, indicating room for growth despite tariff impacts [9] - The company has a net income margin of 13.6%, showcasing its pricing power and effective management in a challenging retail environment [10] - Institutional investors have increased their stakes in Chipotle by 8%, indicating confidence in the company's ability to navigate market volatility [11] Group 4: PepsiCo - PepsiCo's stock is currently priced at $131.92 with a P/E ratio of 18.98 and a price target of $160.69, suggesting significant upside potential of 22.6% from current levels [13][15] - The stock's forward P/E ratio of 16.4 is considered undervalued compared to previous market conditions, indicating a favorable risk-to-reward scenario for investors [13][14] - A decline in short interest by 4.7% over the past month suggests potential bullish sentiment as uncertainty in the market begins to lift [14]

Core Viewpoint - Stellantis Group appoints Antonio Filosa as the new CEO to address significant declines in sales and profits, particularly in the U.S. market, following the resignation of Carlos Tavares [4][5][10] Group 1: Leadership Changes - Antonio Filosa, a veteran with 25 years at Stellantis, has been appointed CEO effective June 23, 2025, after serving as COO for the Americas and Global Chief Quality Officer [4][7] - Filosa replaces Carlos Tavares, who resigned in December 2024 amid concerns over declining sales and profits [4][5] Group 2: Financial Performance - In Q1 2025, Stellantis reported a 14% year-over-year decline in net revenue, with a staggering 70% drop in net profit for 2024 [5][10] - The company withdrew its full-year financial targets due to the unpredictable impact of U.S. trade policies, particularly tariffs imposed by former President Donald Trump [5][10] Group 3: Market Challenges - Stellantis has seen its stock price drop nearly 27% this year, reflecting investor concerns over its financial outlook [5] - The company lost nearly 2 percentage points of market share in the U.S. in 2024, with high dealer inventory levels exacerbating the situation [8][11] Group 4: Strategic Focus - Filosa aims to reassess Stellantis' global footprint, including its 50 assembly and powertrain plants, and the status of its 15 brands [8] - A key priority for Filosa is to restore relationships with dealers, suppliers, and unions, which have been strained under previous leadership [10][11] Group 5: Tariff Implications - Analysts estimate that tariffs could reduce Stellantis' earnings by 75%, significantly impacting its revenue, particularly from U.S. sales reliant on Mexican and Canadian factories [10] - The company is projected to lose $7.1 billion in revenue in 2024 due to declining sales and the burden of tariffs [10]